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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 1, 2021
or 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number: 001-15723
unfi-20210501_g1.jpg
UNITED NATURAL FOODS, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
 
05-0376157
(I.R.S. Employer Identification No.)
313 Iron Horse Way, Providence, RI 02908
(Address of principal executive offices) (Zip Code)

 Registrant’s telephone number, including area code: (401) 528-8634
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common stock, par value $0.01UNFINew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:  Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.     
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
 Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No 
As of June 4, 2021 there were 56,349,864 shares of the registrant’s common stock, $0.01 par value per share, outstanding.



TABLE OF CONTENTS
 
Part I.
Financial Information
 
 
 
 
 
 
 
 

2

PART I.  FINANCIAL INFORMATION
Item 1.  Financial Statements

UNITED NATURAL FOODS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(In thousands, except for per share data)
May 1,
2021
August 1,
2020
ASSETS  
Cash and cash equivalents$39,495 $46,993 
Accounts receivable, net1,106,578 1,120,199 
Inventories, net2,293,877 2,280,767 
Prepaid expenses and other current assets140,948 251,891 
Current assets of discontinued operations4,899 5,067 
Total current assets3,585,797 3,704,917 
Property and equipment, net1,715,034 1,701,216 
Operating lease assets1,088,058 982,808 
Goodwill20,495 19,607 
Intangible assets, net909,590 969,600 
Deferred income taxes105,332 107,624 
Other long-term assets95,088 97,285 
Long-term assets of discontinued operations1,430 3,915 
Total assets$7,520,824 $7,586,972 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Accounts payable$1,599,995 $1,633,448 
Accrued expenses and other current liabilities259,702 281,956 
Accrued compensation and benefits235,677 228,832 
Current portion of operating lease liabilities138,844 131,022 
Current portion of long-term debt and finance lease liabilities23,700 83,378 
Current liabilities of discontinued operations6,996 11,438 
Total current liabilities2,264,914 2,370,074 
Long-term debt2,314,215 2,426,994 
Long-term operating lease liabilities976,691 873,990 
Long-term finance lease liabilities132,975 143,303 
Pension and other postretirement benefit obligations236,927 292,128 
Other long-term liabilities294,025 336,487 
Long-term liabilities of discontinued operations15 1,738 
Total liabilities6,219,762 6,444,714 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 5,000 shares; none issued or outstanding
  
Common stock, $0.01 par value, authorized 100,000 shares; 56,956 shares issued and 56,341 shares outstanding at May 1, 2021; 55,306 shares issued and 54,691 shares outstanding at August 1, 2020
570 553 
Additional paid-in capital588,324 568,736 
Treasury stock at cost(24,231)(24,231)
Accumulated other comprehensive loss(197,092)(237,946)
Retained earnings934,871 837,633 
Total United Natural Foods, Inc. stockholders’ equity1,302,442 1,144,745 
Noncontrolling interests(1,380)(2,487)
Total stockholders’ equity1,301,062 1,142,258 
Total liabilities and stockholders’ equity$7,520,824 $7,586,972 

See accompanying Notes to Condensed Consolidated Financial Statements.
3

UNITED NATURAL FOODS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(In thousands, except for per share data) 
 13-Week Period Ended39-Week Period Ended
 
May 1,
2021
May 2,
2020
May 1,
2021
May 2,
2020
Net sales$6,619,842 $7,031,718 $20,180,582 $19,759,712 
Cost of sales5,653,043 5,981,486 17,256,925 16,884,944 
Gross profit966,799 1,050,232 2,923,657 2,874,768 
Operating expenses866,463 911,007 2,634,305 2,657,427 
Goodwill and asset impairment charges   425,405 
Restructuring, acquisition and integration related expenses9,867 14,557 44,078 65,751 
(Gain) loss on sale of assets(25)351 144 785 
Operating income (loss)90,494 124,317 245,130 (274,600)
Other expense (income):  
Net periodic benefit income, excluding service cost(17,128)(12,758)(51,288)(27,419)
Interest expense, net43,500 47,269 163,577 145,814 
Other, net(989)(1,842)(3,461)(3,462)
Total other expense, net25,383 32,669 108,828 114,933 
Income (loss) from continuing operations before income taxes65,111 91,648 136,302 (389,533)
Provision (benefit) for income taxes16,812 (2,799)32,213 (82,562)
Net income (loss) from continuing operations48,299 94,447 104,089 (306,971)
Income (loss) from discontinued operations, net of tax1,653 (4,078)6,752 (16,128)
Net income (loss) including noncontrolling interests49,952 90,369 110,841 (323,099)
Less net income attributable to noncontrolling interests(1,394)(2,238)(4,366)(3,407)
Net income (loss) attributable to United Natural Foods, Inc.$48,558 $88,131 $106,475 $(326,506)
  
Basic earnings (loss) per share:
Continuing operations$0.83 $1.72 $1.78 $(5.80)
Discontinued operations$0.03 $(0.08)$0.12 $(0.30)
Basic earnings (loss) per share$0.86 $1.64 $1.90 $(6.10)
Diluted earnings (loss) per share:
Continuing operations$0.77 $1.67 $1.67 $(5.80)
Discontinued operations$0.03 $(0.08)$0.11 $(0.30)
Diluted earnings (loss) per share$0.80 $1.60 $1.78 $(6.10)
Weighted average shares outstanding:
Basic56,458 53,718 56,028 53,485 
Diluted60,539 55,217 59,676 53,485 

See accompanying Notes to Condensed Consolidated Financial Statements.
4

UNITED NATURAL FOODS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)
(In thousands)
13-Week Period Ended39-Week Period Ended
May 1,
2021
May 2,
2020
May 1,
2021
May 2,
2020
Net income (loss) including noncontrolling interests$49,952 $90,369 $110,841 $(323,099)
Other comprehensive income (loss):   
Recognition of pension and other postretirement benefit obligations, net of tax(1)
(301)(574)(807)7,368 
Recognition of interest rate swap cash flow hedges, net of tax(2)
14,127 (39,066)35,838 (46,499)
Foreign currency translation adjustments2,907 (3,585)6,164 (3,561)
Recognition of other cash flow derivatives, net of tax(3)
(296) (341) 
Total other comprehensive income (loss)16,437 (43,225)40,854 (42,692)
Less comprehensive income attributable to noncontrolling interests(1,394)(2,238)(4,366)(3,407)
Total comprehensive income (loss) attributable to United Natural Foods, Inc.
$64,995 $44,906 $147,329 $(369,198)

(1)Amounts are net of tax (benefit) expense of $(0.1) million, $(0.2) million, $(0.3) million and $2.4 million, respectively.
(2)Amounts are net of tax expense (benefit) of $4.8 million, $(13.4) million, $12.3 million and $(15.9) million, respectively.
(3)Amounts are net of tax benefit of $(0.1) million, $— million, $(0.1) million and $— million, respectively.


See accompanying Notes to Condensed Consolidated Financial Statements.

5

UNITED NATURAL FOODS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited)
For the 13-week periods ended May 1, 2021 and May 2, 2020
(In thousands)
 Common StockTreasury StockAdditional
Paid-in Capital
Accumulated
Other
Comprehensive Loss
Retained EarningsTotal United Natural Foods, Inc.
Stockholders’ Equity
Noncontrolling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
Balances at January 30, 202156,763 $568 615 $(24,231)$581,096 $(213,529)$886,313 $1,230,217 $(1,151)$1,229,066 
Restricted stock vestings 163 2 — — (3,054)— — (3,052)— (3,052)
Share-based compensation— — — — 9,918 — — 9,918 — 9,918 
Other comprehensive income— — — — — 16,437 — 16,437 — 16,437 
Distributions to noncontrolling interests— — — — — — — — (1,622)(1,622)
Proceeds from issuance of common stock, net30 — — — 514 — — 514 — 514 
Acquisition of noncontrolling interests— — — — (150)— — (150)(1)(151)
Net income— — — — — — 48,558 48,558 1,394 49,952 
Balances at May 1, 202156,956 $570 615 $(24,231)$588,324 $(197,092)$934,871 $1,302,442 $(1,380)$1,301,062 
Balances at February 1, 202054,175 $542 615 $(24,231)$535,900 $(108,420)$691,640 $1,095,431 $(2,966)$1,092,465 
Restricted stock vestings 21 — — — (143)— — (143)— (143)
Share-based compensation— — — — 11,137 — — 11,137 — 11,137 
Other comprehensive loss— — — — — (43,225)— (43,225)— (43,225)
Distributions to noncontrolling interests— — — — — — — — (1,127)(1,127)
Proceeds from issuance of common stock, net1,096 11 — — 11,844 — — 11,855 — 11,855 
Net income— — — — — — 88,131 88,131 2,238 90,369 
Balances at May 2, 202055,292 $553 615 $(24,231)$558,738 $(151,645)$779,771 $1,163,186 $(1,855)$1,161,331 

See accompanying Notes to Condensed Consolidated Financial Statements

6

UNITED NATURAL FOODS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited)
For the 39-week periods ended May 1, 2021 and May 2, 2020
 Common StockTreasury StockAdditional
Paid-in Capital
Accumulated
Other
Comprehensive Loss
Retained EarningsTotal United Natural Foods, Inc.
Stockholders’ Equity
Noncontrolling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
Balances at August 1, 202055,306 $553 615 $(24,231)$568,736 $(237,946)$837,633 $1,144,745 $(2,487)$1,142,258 
Cumulative effect of change in accounting principle— — — — — — (9,237)(9,237)— (9,237)
Restricted stock vestings 1,606 17 — — (13,466)— — (13,449)— (13,449)
Share-based compensation— — — — 32,847 — — 32,847 — 32,847 
Other comprehensive income— — — — — 40,854 — 40,854 — 40,854 
Distributions to noncontrolling interests— — — — — — — — (3,082)(3,082)
Proceeds from issuance of common stock, net44 — — — 721 — — 721 — 721 
Acquisition of noncontrolling interests— — — — (514)— — (514)(177)(691)
Net income— — — — — — 106,475 106,475 4,366 110,841 
Balances at May 1, 202156,956 $570 615 $(24,231)$588,324 $(197,092)$934,871 $1,302,442 $(1,380)$1,301,062 
Balances at August 3, 201953,501 535 615 (24,231)530,801 (108,953)1,108,890 1,507,042 (2,737)1,504,305 
Cumulative effect of change in accounting principle— — — — — — (2,613)(2,613)— (2,613)
Restricted stock vestings 464 5 — — (1,020)— — (1,015)— (1,015)
Share-based compensation— — — — 15,088 — — 15,088 — 15,088 
Other comprehensive loss— — — — — (42,692)— (42,692)— (42,692)
Distributions to noncontrolling interests— — — — — — — — (2,525)(2,525)
Proceeds from issuance of common stock, net1,327 13 — — 13,869 — — 13,882 — 13,882 
Net (loss) income— — — — — — (326,506)(326,506)3,407 (323,099)
Balances at May 2, 202055,292 $553 615 $(24,231)$558,738 $(151,645)$779,771 $1,163,186 $(1,855)$1,161,331 
 
See accompanying Notes to Condensed Consolidated Financial Statements.
7

UNITED NATURAL FOODS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
 39-Week Period Ended
(In thousands)May 1,
2021
May 2,
2020
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income (loss) including noncontrolling interests$110,841 $(323,099)
Income (loss) from discontinued operations, net of tax6,752 (16,128)
Net income (loss) from continuing operations104,089 (306,971)
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities:  
Depreciation and amortization210,088 214,002 
Share-based compensation32,847 15,088 
Loss on sale of assets144 785 
Closed property and other restructuring charges3,399 36,662 
Goodwill and asset impairment charges 425,405 
Net pension and other postretirement benefit income(51,252)(27,419)
Deferred income tax benefit(2,076)(17,381)
LIFO charge18,741 20,463 
(Recoveries) provision for losses on receivables, net(2,672)44,238 
Loss on debt extinguishment30,373 73 
Non-cash interest expense and other adjustments15,127 10,993 
Changes in operating assets and liabilities(24,438)33,290 
Net cash provided by operating activities of continuing operations
334,370 449,228 
Net cash provided by operating activities of discontinued operations
2,074 3,051 
Net cash provided by operating activities
336,444 452,279 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Payments for capital expenditures(165,457)(126,803)
Proceeds from dispositions of assets57,329 29,650 
Other(4,111)(2,380)
Net cash used in investing activities of continuing operations
(112,239)(99,533)
Net cash provided by investing activities of discontinued operations
1,523 26,503 
Net cash used in investing activities
(110,716)(73,030)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Proceeds from borrowings of long-term debt500,000 2,050 
Proceeds from borrowings under revolving credit line3,451,529 3,244,573 
Proceeds from issuance of other loans 6,266 
Repayments of borrowings under revolving credit line(3,368,951)(3,508,573)
Repayments of long-term debt and finance leases(787,232)(111,923)
Proceeds from the issuance of common stock and exercise of stock options721 5,662 
Payment of employee restricted stock tax withholdings(13,449)(1,015)
Payments for debt issuance costs(12,339) 
Distributions to noncontrolling interests(3,082)(2,525)
Repayments of other loans(163) 
Other(691) 
Net cash used in financing activities
(233,657)(365,485)
EFFECT OF EXCHANGE RATE CHANGES ON CASH443 (290)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS(7,486)13,474 
Cash and cash equivalents, at beginning of period47,117 45,263 
Cash and cash equivalents, at end of period39,631 58,737 
Less: cash and cash equivalents of discontinued operations(136)(120)
Cash and cash equivalents$39,495 $58,617 
Supplemental disclosures of cash flow information:
Cash paid for interest$118,441 $139,040 
Cash (refunds) for federal and state income taxes, net(21,847)(24,236)
Leased assets obtained in exchange for new operating lease liabilities226,570 154,888 
Leased assets obtained in exchange for new finance lease liabilities468 92,843 
Additions of property and equipment included in accounts payable$49,182 $20,547 
 See accompanying Notes to Condensed Consolidated Financial Statements.